A fund owned by Jefferies said in a court lawsuit that it had evidence that iron ore traders Radiant World and Sapphire Minmetals suspected fraud in accounts receivables financing transactions with a face value of nearly $900 million. The claim was put forward by the fund's lawyers in a written statement, which greatly expanded people's understanding of the scale of this suspected fraud case. Bloomberg News previously reported that the case may be one of the biggest fraud cases in the commodities industry since Enron. Prior to that, Radiant World's approximately $500 million invoice had been charged with fraud by other banks and creditors in separate legal proceedings, including Mizuho Financial Group, Deutsche Bank, Allied Bank of San Paolo, and Incomlend Pte. Jefferies Foundation attorney Christopher Bushell claimed in a written statement that the companies falsified and tampered with legal and financial documents “on a large scale”. The lawyer also alleges that Radiant World and Sapphire Minmetals have repeatedly tried to prevent the fund from contacting its alleged clients to confirm the authenticity of the accounts receivable it used to finance it. Radiant World and Sapphire Minmetals are part of the same legally separate but closely linked group of companies. The companies have repeatedly denied any wrongdoing.

A fund owned by Jefferies said in a court lawsuit that it had evidence that iron ore traders Radiant World and Sapphire Minmetals suspected fraud in accounts receivables financing transactions with a face value of nearly $900 million. The claim was put forward by the fund's lawyers in a written statement, which greatly expanded people's understanding of the scale of this suspected fraud case. Bloomberg News previously reported that the case may be one of the biggest fraud cases in the commodities industry since Enron. Prior to that, Radiant World's approximately $500 million invoice had been charged with fraud by other banks and creditors in separate legal proceedings, including Mizuho Financial Group, Deutsche Bank, Allied Bank of San Paolo, and Incomlend Pte. Jefferies Foundation attorney Christopher Bushell claimed in a written statement that the companies falsified and tampered with legal and financial documents “on a large scale”. The lawyer also alleges that Radiant World and Sapphire Minmetals have repeatedly tried to prevent the fund from contacting its alleged clients to confirm the authenticity of the accounts receivable it used to finance it. Radiant World and Sapphire Minmetals are part of the same legally separate but closely linked group of companies. The companies have repeatedly denied any wrongdoing.